SteelOrbis has learned that the hearing for Speciality Steel UK (SSUK), part of the UK-based steelmaker Liberty Steel Group, has been adjourned until July 16 by the Insolvency and Companies Court to allow time for the potential sale of the company to be finalized. The company is said to be holding meetings with an unnamed potential investor.
Jeffrey Kabel, chief transformation officer of Liberty Steel, stated that they will use the additional time to finalize options including a sale of the business while continuing its debt restructuring efforts. SSUK has been involved in complex debt restructuring since the collapse of Greensill Capital, its main creditor, in 2021 restricting its access to capital. However, like all UK steel producers, SSUK has faced long-standing competitiveness challenges dating back decades.
SSUK employs 1,450 people and has plants in Rotherham and Sheffield. Since July last year, the Rotherham plant has been completely inactive due to financial difficulties. The company plans to increase its electric arc furnace melting capacity at Rotherham to two million mt per year in a cost-effective way, as SteelOrbis previously reported.